Four Missouri members of the U.S. Congress signed a letter encouraging the Consumer Financial Protection Bureau (CFPB) to delay and study the impact of its proposed remittances regulation, Section 1073 of the Dodd-Frank Act. There is concern that the final rules as written will drastically curtail the availability of international transfers to consumers.
U.S. Rep. Blaine Luetkemeyer (R-District 9) circulated a “Dear Colleague” letter, asking for co-signers to the letter. The Missouri Credit Union Association (MCUA) communicated credit unions’ support of the delay and study effort to members of the Missouri delegation. Luetkemeyer was joined by fellow Missouri U.S. Reps. Todd Akin (R-District 2), Billy Long (R-District 7) and Jo Ann Emerson (R-District 8) in signing the letter.
Section 1073 of the Dodd-Frank Act was intended to provide consumers with transparency and certainty regarding the costs of low value, international transfers, to establish consumer error resolution rights with respect to such transfers, and expand access to low cost financial institution services for such transfers.
A total of 32 members of Congress signed the request to the CFPB, and it was delivered on August 16.